Buying and Selling: Homes "Out of Reach"

A fellow blogger tipped me off to this great USA Today story about the horrific levels of price inflation in the housing market, specifically San Diego--but applicable to the country as a whole. Of course, if you're a smart and savvy housing blogger myself, you already know that prices are beginning to avalanche, but they're still so far above the mean that it will take years for them to truly flatten at affordable levels.

Money quote:

Cortney Henderson is one of the faces of America's housing affordability crisis. She never could have qualified for a mortgage here — where the median home price is $607,000 — had she not had the $27,000 she made as an egg donor to use as "reserves" in her bank account.

What does it tell you about the state of our distended, bubblicious, and brutally overpriced market that an intelligent, educated woman not only needs constant financial help to maintain her mortgage, but had to sell her eggs to make the cash for the down payment?

Talk about borrowing from our children to pay for our parents, eh?

Posted at June 27, 2006 06:23 PM

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A fellow blogger tipped me off to this great USA Today story about the horrific levels of price inflation in the housing market, specifically San Diego--but applicable to the country as a whole. Of course, if you're a smart and savvy housing blogger myself, you already know that prices are beginning to avalanche, but they're still so far above the mean that it will take years for them to truly flatten at affordable levels. Money quote: Cortney Henderson is one of the faces of America's housing affordability crisis. She never could have qualified for a mortgage here — where the median home price is $607,000 — had she not had the $27,000 she made as an egg donor to use as "reserves" in her bank account. What does it tell you about the state of our distended, bubblicious, and brutally overpriced market that an intelligent, educated woman not only needs constant financial help to maintain her mortgage, but had to sell her eggs to make the cash for the down payment? Talk about borrowing from our children to pay for our parents, eh?